COLLEGE ACCT.,CHAP.1-15(LL)-W/ACCESS
22nd Edition
ISBN: 9781305930667
Author: HEINTZ
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 20, Problem 1CE
To determine
Prepare the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In organizing its incorporation in January, Chupatch incurred the following costs:
state incorporation fees: $250, attorney fees: $2,500, and promotional costs: $3,200.
What journal entry would you make to record Chupatch's expenses? Make it below:
Date
Account
Debit
Credit
Subject - account
Please help me.
Thankyou.
Nicole organized a new corporation. The corporation began business on April 1 of year 1.
She made the following expenditures associated with getting the corporation started:\
table[[Expense, Date,Amount], [\table[[Attorney fees for articles of incorporation], [March
1 - March 30 wages]], February 10, $43,000 What is the total amount on the start-up cost
and organizational expenditures for nicoles corporation?
Chapter 20 Solutions
COLLEGE ACCT.,CHAP.1-15(LL)-W/ACCESS
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - Prob. 9SPBCh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
Knowledge Booster
Similar questions
- You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on February 28, assuming they are paid in cash?arrow_forwardYou are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?arrow_forwardbarrow_forward
- Question Based upon the following facts about Aqua, Inc., a calendar year S corporation, prepare the entity's Schedule M-2, fill out column. AAA, beginning of the year $9,400 Ordinary income 24,600 Tax-exempt income 3,000 Key employee life insurance proceeds received 4,900 Payroll penalty expense 2,200 Charitable contributions 3,000 Unreasonable compensation 4,000 Premiums on key employee life insurance 2,300 Distribution to shareholders 17,000 Particulars Accumulated Adjustments Account Other Adjustments Account Balance at beginning of Tax Year 9400 Ordinary Income from page 1, Line 21 24600 Other additions 0 7900 Loss from Page 1, line 21 Other reductions 2300 Combine line 1 through 5 5600 Distributions other than dividend distributions 0 Balance at end of tax year 5600arrow_forwardCherry Corporation, a calendar year C corporation, is formed and begins business on April 1 of the current year. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for the current year.arrow_forwardPlease solve the question below and select one of the multiple-choice options (a-d). Fish Corporation, an accrual method, calendar year C corporation, was formed and began business on November 1, of the current year. Fish incurred the following expenses during its first year of operations (November 1 – December 31, current year). Fish Corporation Expenses Expenses of temporary directors and organizational meetings $23,100 Fee paid to state of incorporation $3,300 Expenses for printing and sale of stock certificates $12,100 Legal services for drafting the corporate charter and bylaws $28,000 What amount may be deducted as organizational expenditures in the current year? a.$1,204.44 b.$600.00 c.$1,197.78 d.$1,332.22 PLEASE PROVIDE CORRECT ANSWERarrow_forward
- Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman’s valid S corporation election took effect retroactively on January 3, 20X1. Assume the following facts: Fedderman’s 20X1 books recorded the following items: Gross receipts $8,800 Interest income on investments 250 Charitable contributions 1,300 Supplies 2,600 What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K? FORMULA should be: {R} - {S}arrow_forwardNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs. April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Problem 10-73 Part a (Algo) Date February 10 Amount $ 32,500 March 30 4,000 March 30 2,050 April 1 40,000 May 30 10,000 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expendituresarrow_forward24 )arrow_forward
- NNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000 b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)?arrow_forwardNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs: April 1-May 30 wages. Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 Harch 30 April 1 May 30 Start-up costs amortized $ 2,850 Organizational expenditures amortized $ 32.000 Amount $ 37,000 5,350 2,500 31,000 13,375 Problem 2-73 Part c (Algo) c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part (b)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.arrow_forwardNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 36,500 March 1 – March 30 wages March 30 5,200 March 1 – March 30 rent March 30 2,450 Stock issuance costs April 1 32,000 April 1 – May 30 wages May 30 13,000 What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? START-UP COST EXPENSED ORGANIZATIONAL EXPENDITURES EXPENSEDarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College